Dutch Inflation Rises to 3.7% in October as Energy and Fuel Prices Accelerate
Key Facts
Annual inflation in the Netherlands rose to 3.7% in October 2026, from 3.4% in September, according to the Dutch statistics office’s preliminary estimate. Consumer prices increased 0.7% during the month compared with September, accompanying the rise in the annual rate. Energy, including motor fuels, was the main component behind the acceleration, with prices up 14.4% year on year in October, against 13.8% in the previous month. By contrast, services inflation held steady at 3.9% in both months. The differing movements among components mean price pressures did not accelerate at the same pace across all categories.
Details from the statistics office showed that inflation in industrial goods excluding energy rose to 1.9% in October from 1.5% in September. Food, beverages and tobacco prices fell 0.6% year on year, following a 1.2% decline in the previous month. The decline in prices in that category therefore eased, while increases in industrial goods and energy prices accelerated. These movements provide a more detailed picture than the headline figure, which combines components moving in different directions. October’s reading remains an estimate until the office publishes the full consumer price index data.
Under the Harmonised Index of Consumer Prices, which allows comparisons among European Union countries, Dutch inflation was 3.3% in October, compared with 3.0% in September. This reading is below the domestic inflation rate of 3.7% in October, and the harmonised index also recorded an increase from the previous month. The difference between the two figures reflects the use of separate measures of price changes, so they should not be treated as a single reading. In the euro zone, inflation had risen to 3.8% in September from 3.2% in August, according to the European Central Bank. Energy inflation in the region also increased to 18.9% in September from 14.3% in August, against a broader backdrop of rising energy costs.
In the context of the Dutch economy, gross domestic product grew 0.6% in the third quarter of 2026 compared with the previous quarter, after growth of 0.7% in the second quarter. The statistics office said a positive trade balance and the replenishment of natural gas inventories were the main drivers of quarterly growth. Year on year, GDP rose 2.1% in the third quarter compared with the same period in 2025. Household consumption and the trade balance contributed the most to that annual increase. The data place economic growth alongside October’s accelerating inflation, while the figures cover different time periods.
The European Central Bank said at its news conference on 29 October that an increase in the size and duration of the energy shock was likely to "raise inflation and lower growth." The bank added that interest-rate decisions would remain data-dependent and be made meeting by meeting. The statement comes as the euro zone recorded increases in headline and energy inflation in September compared with August. The European Central Bank’s calendar does not describe Christine Lagarde’s upcoming participation as a speech, and it has not been verified whether the event will include remarks on monetary policy. The calendar lists her participation in the "New Dialogues for the Future" event in Milan on 5 November 2026 at 17:00 Central European Time.
The Dutch statistics office scheduled 10 November for the release of the regular, final consumer price index figures for October. Until then, the 3.7% reading remains a preliminary estimate of annual inflation, and the 0.7% monthly price increase remains part of the same preliminary estimate. The upcoming release will allow the index details to be reviewed using complete data. Annual inflation in October 2025 was 3.1%, according to the office’s preliminary estimate, providing an earlier reference for the same period of the year. The October 2026 figure measures the current period and remains the focus of this release.